Memorandum of Understanding for Non-Oil Exports

Today, Sunday, the Egyptian Ministry of Trade and Industry announced the signing of two memorandums of understanding with Saudi Arabia on the sidelines of the visit of Bandar Al-Khoraef, Saudi Minister of Industry and Mineral Resources, to Egypt to discuss ways to enhance bilateral relations between the two countries.

The ministry said that a memorandum of understanding was signed between the Egyptian Export Development Authority and its Saudi counterpart to enhance cooperation in the development of non-oil exports.

Memorandum of Understanding for Automotive Industry Development

While the second MoU was between Egypt and the Saudi National Industrial Development Center in the development of the automotive industry.

Visit of Saudi Arabian Minister of Industry and Mineral Resources

The Minister of Industry of Saudi Arabia began an official visit to the Arab Republic of Egypt to discuss bilateral relations between the two brotherly countries and ways to strengthen and develop them in the industrial and mining sectors.

The visit of the Minister of Industry and Mineral Resources is part of the Kingdom’s desire to increase the role of the industrial and mining sectors on the map of the national economy, as well as open the doors to investors from all over the world. to review quality investment opportunities in the industrial and mining sectors and highlight the Kingdom’s initiatives to promote two strategic sectors.

Saudi Arabia’s Exports to Egypt

Notably, Saudi Arabia’s non-oil exports to the Arab Republic of Egypt during 2022 amounted to more than 11 billion rials, and the volume of imports reached 10 billion rials, with the Kingdom’s most important exports to the Republic of Egypt differing in a number of industrial activities, including petrochemicals, construction materials and drugs. The Kingdom’s most important imports were food, heavy equipment and electronics.